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Sunday, April 2, 2023

Bangchak to pay B20.9bn for Esso unit

An Esso gas station on Bangkok’s busy Rama IV Road.

The total value of shares in Esso (Thailand) to be acquired by Bangchak Corporation is estimated at 20.9 billion baht, or 9.18 baht per share, according to the latest calculation released by Bangchak’s financial advisor Krungthai XSpring Securities.

The buyout deal was previously expected to be made at 8.84 baht per share, Chaiwat Kovavisarach, chief executive of Bangchak, said earlier.

He said Bangchak aims to buy a 65.99% share in Esso (Thailand) from Esso Asia Holdings Pte and will launch a tender offer for the remaining 34.01% of ordinary shares held by other shareholders of Esso once the transaction has been completed.

The indicative price of 8.84 baht per share was based…

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